Question 1

Can my bookkeeper prepare the P&L instead of a CPA?

Accepted Answer

No. Lenders require licensed CPAs and verify credentials directly. Unlicensed bookkeepers kill your application immediately.

Question 2

How far back do I need business history in Rosemead?

Accepted Answer

Most lenders want 12-24 months of continuous operation. Some accept newer businesses with larger down payments.

Question 3

Do I still submit tax returns with a P&L loan?

Accepted Answer

Usually no. The P&L replaces tax returns for income verification, though lenders may review them for other risk factors.

Question 4

What if my P&L shows losses some months?

Accepted Answer

Lenders average your income over 12-24 months. Seasonal businesses can qualify if the annual average supports the payment.

Question 5

Can I use projected income on my P&L?

Accepted Answer

No. Lenders use historical P&L data only, not projections or pro forma statements.

Profit & Loss Statement Loans in Rosemead — Income Verification for Self-Employed Borrowers